The disconnect between corporate structures and blockchains is decreasing with Accumulate. As an enterprise, you shouldn’t have to cater to the blockchain in order to use it. Instead, the blockchain can work for the corporation by replicating its structure as opposed to the other way around. With Accumulate, replicating corporate structures on the blockchain is now possible because corporations can implement several key structures like company divisions and role-based security. This makes it easy for enterprises to use blockchain systems, and it may catalyze the future in which 10% of the global GDP is forecasted to take place on a blockchain by 2027 (World Economic Forum).
Accumulate Makes it Easy for Divisions to Be Replicated
On Accumulate Network, there are several aspects of a corporation that can be replicated on the blockchain. Internal company divisions such as human resources or accounting can be built into the blockchain, but with special consideration for arbitrarily complex features such as:
- Company Divisions
- Key Priority Lists
- Key Pages
- Role-Based Security
Replicating Corporate Structures on Accumulate
- Company Divisions – Enterprises can use Accumulate to enforce responsibilities within company divisions. A hypothetical institutional trader sitting at a trading desk might be able to trade $1M in one day under their own signature, but financial division policy could say that for a trade larger than $1.5M, you have to have a second signature. The trader’s identity held within the key block details the permissions granted to the trader’s identity as well as the logical conditions that enforce or replicate the company rules. ADIs can own ADIs, so the hypothetical trader’s identity at the trading desk could be managed by the company president’s ADI.
- Key Priority Lists: Enterprises can program key priority levels on Accumulate. For example, level 0 at your organization may have “all-access” whereas lower levels have more specific access. There can be an everyday key, a key kept in warm storage, and a corporate key with the highest priority level that is kept offline in a safety deposit box. If an enterprise has an everyday key that becomes lost, it can go down to the next key on the list, use that key instead, and reprogram the other key that was lost. With Accumulate, every ADI has a programmable, hierarchical key list. If someone has an everyday-use key that becomes lost or otherwise compromised, then another priority key on the priority list can be used to replace it. This means that for executives at the top of the priority list, there are multiple keys at the organization’s disposal to access secure data. Accumulate does not provide the structure for the keys, but instead, has designed a fully programmable interface where organizations can configure logic on a case-by-case basis.
- Key Pages: There can be some intelligence associated with each key level. An example of the way a key page can be programmed: imagine secure data that needs to be accessed, but for it to be accessed, you need two out of three sets of keys to be used. Key pages have a robust range in how sophisticated the logic can be. The key pages are hierarchical as well, so a higher key page can be replaced by a lower key page.
- Role-Based Security: An ADI can be used to define a role within a company. If you put someone in that role, then their identity on Accumulate becomes associated with role-based security. If the person is no longer with the company, then someone else can fulfill the responsibilities within that role using the same identity. Accumulate’s security is different from other leading blockchains in that it is not based on a one-point relationship between what is being secured and a private key. In Bitcoin, Ethereum, or most other cryptocurrencies, you have a private key associated with an address. If you lose the private key or it gets stolen, you are locked out of that address forever. Even if someone sees it, you can’t use the key anymore as it is no longer secure. Think of traditional blockchain role-based security as a combination lock welded to a locker – if you lose the combination, you can’t ever open it. With Accumulate’s role-based security, the lock is separate from the locker. You are no longer welding the lock to the locker, but instead have the equivalent of a snap-on lock that is re-keyable by higher priority keys.
There is a major disconnect between enterprise blockchain, and how blockchains require enterprises to conform to their architecture. This disconnect is problematic for several reasons. However, Accumulate enables corporations to actually map out their framework on the blockchain. In other words, Accumulate allows the structure of an enterprise blockchain to replicate the structure of a corporation instead of the other way around. Aside from being identity-based, one of the most significant benefits of the Accumulate blockchain is how easy it is for enterprises to integrate with it.
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